Bull Market Still Intact

Major market indexes reached new highs this week, but complacent bulls should consider Tuesday's selloff to be a wake-up call.

Legendary trader Larry Williams once said that every bear market starts at new highs. Unfortunately that's only helpful in hindsight – there's no way of identifying that last high until it's far in the rearview mirror.

That said, Tuesday's abrupt downside reversal raises the odds that "the" high has been made. Here is what I am watching to figure out if that is indeed the case.